Check out the companies that make news before the bell:
Beyond Meat (BYND): Alternative meat maker shares fell 2.4% in the premarket trade after Piper Sandler downgraded the company to a low-weight rating. “Beyond is one of the first leaders in vegetable-based meat, but we believe its current push for retail across all channels remains in consensus expectations,” the firm said in a note to customers.
Wynn Resorts (WYNN), Las Vegas Sands (LVS) – Macau-related casino stocks fell again as authorities weighed more heavily on Macau’s gaming industry regulations. Wynn fell 1.8%, while Las Vegas Sands fell 2.4%. JPMorgan downgraded the two shares to neutral from overweight after the government action, and wrote in a note to clients that “they don’t like the uncertainty and opacity surrounding Macao and China’s policy.”
DoorDash (DASH): Bank of America has upgraded DoorDash to a buy rating, sending shares up 3% during pre-market trading. The firm’s bullish call is based on upward estimates for 2021, as well as a “solid” five-year growth opportunity.
Cisco Systems (CSCO): Cisco Systems gained 1.2% after several Wall Street bullish calls that followed the day of the company’s investors. Credit Suisse upgraded stocks to surpass ratings, saying Cisco is ready to execute its long-term guidance as it increases its recurring revenue streams. Meanwhile, JPMorgan reiterated its overweight rating and added the shares to the analyst focus list
Fisker (FSR) – Electric vehicle company shares fell 2.7% after Bank of America downgraded shares to neutral since the purchase. The firm said that while Fisker is “one of the most legitimate in the world of electric car manufacturers,” the “competitive landscape is becoming incredibly fierce.” Bank of America also lowered the performance level of Lordstown Motors (RIDE), causing shares to fall 2% in premarket trading.
Cabot Oil & Gas (COG): Energy stocks rose 1.3% on Thursday morning, despite declining natural gas futures. Cabot shares have risen 25% during the month of September, amid a historic history of natural gas, which has seen prices reach their highest level in more than seven years.
Alibaba (BABA), JD.com (JD), Pinduoduo (PDD) – U.S. listed shares of Chinese technology stocks declined amid ongoing fears about what the new regulatory measures could mean for the group. All three shares fell more than 1%.